Business
Lite Access Closes Final Tranche of Financing
Lite Access Closes Final Tranche of Financing Canada NewsWire VANCOUVER, March 2...
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[{"type":"text","content":"\n\n\n\nLite Access Closes Final Tranche of Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 2, 2020\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./\n VANCOUVER, March 2, 2020 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the \"Company\") (TSX VENTURE: LTE) (OTC PINK: LTCCF) is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement by issuing 2,890,000 units (\"Units\") at a price of $0.50 per Unit for gross proceeds of $1,445,000 (the \"Financing\"). Together with the first tranche of the Financing (see news release dated February 21, 2020), the Company has received gross proceeds of $3,505,000 under the Financing.\nEach Unit consists of one common share of the Company and one share purchase warrant (each a \"Warrant\"), with each Warrant entitling the holder to purchase one additional common share for a period of three years from the date of the issue at an exercise price of $0.65 per share. The Company has the right to accelerate the expiry date of the Warrants if, at any time, the volume weighted average price of the Company's common shares is equal to or greater than $0.85 for 20 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 15 business days after the Company issues a news release announcing that it has elected to exercise this acceleration right.\nAll securities issued under the Financing are subject to a four month and one day hold expiring on June 29, 2020. The Company paid finders fees totalling $169,950 and issued a total of 339,900 Warrants.\nThe proceeds of the Financing will be used for potential acquisitions and working capital purposes.\nThis news release does not constitute an offer to sell, or solicitation of an offer to buy, nor will there be any sale of any of the securities offered in any jurisdiction where such offer, solicitation or sale would be unlawful, including the United States of America. ...